Wednesday, July 6, 2011

Gold - Short term update

*** 13th July UPDATE: It now appears the triangle has completed with a very small wave 'E' and the expectation is for Gold to head higher (with the obvious pull backs along the way) to 1600+. In the short term, Gold should not drop below 1540 (the ending of wave 'E'). ***

Gold's 4th Wave triangle is nearing close to completion with waves 'D' and 'E' to complete. Once finalized Gold should head upwards either in a 5 wave impulse or perhaps an ending diagonal pattern finishing above the 1600 levels.

Once a breakout of the triangle has occurred, the first pullback should provide some clues as to the future action and where Gold may end up. The final longer term action of  Gold can be seen here.

Should Gold drop below the start of wave 'C' at 1480 would cast doubt on at least the short term outlook.

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